Author: Azizur Rahman 15 December 2021
After NatWest had pleaded guilty to money laundering failings, Aziz Rahman wrote an article about the most notable aspects of the case.
In the piece, published by Security Matters, he details how the bank failed to meet its obligations while allowing a gold dealer to deposit a total of £365 million into an account. He explains the responsibilities imposed on financial institutions by the Money Laundering Regulations and NatWest’s attempts to put right the wrongs that were identified.
Aziz emphasises that while the case is about NatWest and is the first criminal prosecution of a financial institution under the Regulations, it should be viewed from a wider perspective. The Financial Conduct Authority brought the case, and it will be prepared to take similar action against other institutions if it identifies similar failings to those at NatWest.
Other financial institutions must, therefore, ensure their anti-money laundering procedures are fit for purpose.
Aziz's article featured in Security Matters Magazine.
Aziz Rahman is Senior Partner at Rahman Ravelli and its founder. His ability to coordinate national, international and multi-agency defences has led to success in some of the most significant corporate crime cases of this century and top rankings in international legal guides. He is recognised worldwide as one of the most capable legal experts regarding top-level, high-value commercial and financial disputes.